Quote:
Originally Posted by al76slc
...Anxious over the ballooning size of the proposed economic stimulus package, now at more than $900 billion, lawmakers in both parties are working on a last-minute plan to strip $200 billion from the bill.
The effort is being led by two centrist senators — Ben Nelson, Democrat of Nebraska, and Susan Collins, Republican of Maine.
But this week, the Senate added more than $30 billion in additional spending, including tax breaks for purchases of homes and cars.
http://www.nytimes.com/2009/02/06/us/politics/06stimulus.html?_r=1&hp
Hey, why don't we just make it easier for people, who wouldn't otherwise qualify, to get mortgages to buy homes and cars????
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The Senate bill increases the tax credit from 7,500 to 15,000 for the purchase of a taxpayer's primary residence.
Note: the words "first time" have been removed from the Senate version.
Credit would be available on purchases for 1 year after enactment. T/P's could split it between year of purchase and the next year to maximize the tax offset. The new model does not appear to be refundable-only to reduce current year tax. Nor would pruchases after enactment be eligible for a carryback to 2008 returns...
Stay tuned....